Minnesota tax collections jump 25% in January

MINNEAPOLIS (AP) — Minnesota state budget officials say tax collections rang in 25% higher than expected in January 2022. The Star Tribune reported Thursday (Feb. 10, 2022) that corporate tax collections were $642 million more than predicted and general sales tax revenue was $2 million more than anticipated. Other state revenue was up $46 million over forecasts. Revenue from individual income taxes was $42 million less than expected, however. The money will impact the state’s budget surplus, currently projected at a historic $7.7 billion. House Republicans tweeted that the January revenue increase could push the surplus to more than $10 billion. Tax receipts are nearly $1.5 billion more than projected for the fiscal year that began in July.